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Old 01-16-2013, 04:54 PM   #331
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Originally Posted by kellia View Post
My company did the automatic 401k enrollments last year. They sent out letters saying that if you weren't already contributing to your 401k, they were going to enroll you in 3% unless you called to opt out. After that, they'd increase by 1% each year until you hit 6%. I couldn't believe there were that many people not contributing that they'd do that, but I guess there are... It especially shocks me since they match 50% of the first 6% you put in, so you're throwing away an extra 3% of your salary.
You know when I got my first full time job in 1990 companies where matching 50% up to 6% saved and ya know what, it's not changed in all these years. Why don't the companies every increase the match? Does anyone get matched above 6%? I bet if they do they are in the minority. I know it won't make anyone save more but it would sure make me happy!!!
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Old 01-16-2013, 05:08 PM   #332
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Originally Posted by runwad View Post
You know when I got my first full time job in 1990 companies where matching 50% up to 6% saved and ya know what, it's not changed in all these years. Why don't the companies every increase the match? Does anyone get matched above 6%? I bet if they do they are in the minority. I know it won't make anyone save more but it would sure make me happy!!!
My company suspended the 401(k) match from 2009-2012 but reinstated it this year. We went back to the match we had in 2008 --- 50% of the first $5,000 contributed, so $2,500. Any match is nice but I sure wish ours was higher.
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Old 01-16-2013, 05:44 PM   #333
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My company suspended the 401(k) match from 2009-2012 but reinstated it this year. We went back to the match we had in 2008 --- 50% of the first $5,000 contributed, so $2,500. Any match is nice but I sure wish ours was higher.
My husband gets dollar for dollar up to 9% - which adds up quick!
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Old 01-16-2013, 07:11 PM   #334
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My husband gets dollar for dollar up to 9% - which adds up quick!
Wow see that's NICE!! Since companies have done away with pensions they should have to raise their match every so once in a while. I mean 22 years of the same rate, that stinks. Now it's better than nothing don't get me wrong, but I'd like to see the numbers of how much they're saving doing the match vs the pension.
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Old 01-16-2013, 10:35 PM   #335
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This article appeared in our local paper this week and I thought it was an interesting take on increasing participation. It's keeping up with the Joneses in saving, not spending. There are a lot of flaws with the idea, as the article notes, but interesting nonetheless.
Great little article!
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Old 01-17-2013, 04:08 AM   #336
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Originally Posted by runwad View Post
You know when I got my first full time job in 1990 companies where matching 50% up to 6% saved and ya know what, it's not changed in all these years. Why don't the companies every increase the match? Does anyone get matched above 6%? I bet if they do they are in the minority. I know it won't make anyone save more but it would sure make me happy!!!
Neither my spouse or I have seen a company match for over ten years.
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Old 01-17-2013, 06:11 AM   #337
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LOL. YOu know Arielle, I think this is the core of the problem. We (country we) as so financial illiterate. I too have big time scientist who have said flat out they don't even look at their paystubs. My company no longer gives paper checks, you must have direct deposit, since we switched to that no one even bothers to look up their electronic paystub.


Dh and I both print out our electronic stub each pay. We check it for accuracy and have a paper trail if we find a problem in the future.
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Old 01-17-2013, 06:17 AM   #338
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Dh and I both print out our electronic stub each pay. We check it for accuracy and have a paper trail if we find a problem in the future.


Come back to me in a month, there will be quite a few people around here grumbling because they just got their W-2's and they will literally say "I thought I made more", to which I'm yelling "WHAT THE HECK DO YOU MEAN, YOU THOUGHT" don't you know? I've got guys (it seems to be mainly guys) who say they never look at their paystubs they just hand them over to the wife.

I don't get it. I'm the gal that checks here bank accounts on line probably every other day to make sure the atm transactions went through correctly.

I do wish they'd bring back home economic classes (that's what they were called back in the dark ages)
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Old 01-17-2013, 06:25 AM   #339
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How?

the money I save, how is that going to be punished? In fact most retirement vehicles grow tax free until you actually use it and now with a ROTH you can save at todays tax rate and when you withdraw you will pay nothing (check me on that one).

So how are you as a saver being penalized?


If your income exceeds a certain amount then 85% of your Ss check gets taxed. The number is quite low when this kicks in. Once you hit 70.5 you have to take out a set amount that goes up each ear from your 401K and IRA. This could immediately trigger the 85% tax on SS.

Many in DC are now talking about means testing for benefits. You say you stay up on Ss and you have not heard this. This would punish the saver.
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Old 01-17-2013, 06:38 AM   #340
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I think saying it punishes us is wrong. It just lowers how much saving benefits us. If the money was going to pay for some CEO's salary or if it meant we couldn't afford to pay for food then that would be bad but we only pay that higher tax if we have more than enough to pay for food and the money is reducing the difference between spending and revenues and that helps our children.
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Old 01-17-2013, 06:38 AM   #341
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Originally Posted by eliza61 View Post


Come back to me in a month, there will be quite a few people around here grumbling because they just got their W-2's and they will literally say "I thought I made more", to which I'm yelling "WHAT THE HECK DO YOU MEAN, YOU THOUGHT" don't you know? I've got guys (it seems to be mainly guys) who say they never look at their paystubs they just hand them over to the wife.

I don't get it. I'm the gal that checks here bank accounts on line probably every other day to make sure the atm transactions went through correctly.

I do wish they'd bring back home economic classes (that's what they were called back in the dark ages)
Many moons ago, I had a mandatory high school class called "Life Skills". It was I think 1/2 a year. Topics included banking, taxes, filling out a job or college application, insurance, etc. I remember thinking it was a bit of a joke, but looking back I now understand the value of the course. I was probably not normal as my mother taught me to balance my grandmother's checkbook when I was 12. Mom realized that grandma wasn't quite keeping up os she came for dinner ever Sunday night and brought her mail and checkbook.
I thought it was fun to figure out her math errors.
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Old 01-17-2013, 06:47 AM   #342
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If your income exceeds a certain amount then 85% of your Ss check gets taxed. The number is quite low when this kicks in. Once you hit 70.5 you have to take out a set amount that goes up each ear from your 401K and IRA. This could immediately trigger the 85% tax on SS.

Many in DC are now talking about means testing for benefits. You say you stay up on Ss and you have not heard this. This would punish the saver.
I have heard the rumors of means testing. I just don't think it's going to happen especially not in the next say 20 years.

And actually today they announced some are pushing a plan to raise the required age to 70 and to partially privatize medicare.

People are floating around many ideas and many of these ideas have met with extreme resistance from senior group lobbyist. So far the senior lobbyist are wininng.

http://www.cbsnews.com/8301-505146_1...ent-age-to-70/

Here's a pretty good article put out by the AARP on the means tested debate

http://www.aarp.org/content/dam/aarp...i-econ-sec.pdf

Simply googling the mean test social security topic will bring up tons of articles on resistance to the idea. It is far from the "forgone" conclusion you seem to think it is. Once again changes to SS have to be worked through Congress. As Crisi mentioned Congress likes rich people and I don't think they are going to take the chance of a whole lot of wealthy folks begininng to shelter their income to avoid any type of "means test". they want it out front and center, where they can nicely see it. Next, the wealthy are already pretty po'ed from the financial cliff mess, many feel they have become the scape goats of this adminisration.


And yes I do follow retirement issue now but no I never claimed to be any type of expert. These are just my meanderings and crystal ball gazing.
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Last edited by eliza61; 01-17-2013 at 07:23 AM.
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Old 01-17-2013, 07:09 AM   #343
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Originally Posted by vacationer1954
I think saying it punishes us is wrong. It just lowers how much saving benefits us. If the money was going to pay for some CEO's salary or if it meant we couldn't afford to pay for food then that would be bad but we only pay that higher tax if we have more than enough to pay for food and the money is reducing the difference between spending and revenues and that helps our children.
How do you know you will be able to pay for food & all that you want/need with YOUR saved money if the tax is higher? Are you not yet tired of working so other people can use your money to get by? Am I the only one tired of "the children" arguement? Why, every single time, government wants more of MY money do they claim its for "the children"? What about my children? I am working & DH is working, we would like to save/spend/school OUR children with OUR money (& donate to causes we see fit) instead of our money being thrown away by government to help "the children". More taxes & regulations don't help "the children"; it just takes away their freedoms, be they civic or financial.
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Old 01-17-2013, 07:31 AM   #344
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They haven't even decided if there will be means testing but I never heard of any time when means testing was put in where it meant that the people who didn't satisfy the means testing were unable to afford food. Means testing hasn't ever excluded people living in poverty from benefits has it? I'm tired of people living in poverty and I'm tired of people putting themselves over other people. We're all in this together. I'm tired of worrying about what happens if something horrible happens to someone I love and they end up poor in a country where no one cares about the poor. Reducing the difference between how much we bring in and how much we spend does help our children.
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Old 01-17-2013, 07:39 AM   #345
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Come back to me in a month, there will be quite a few people around here grumbling because they just got their W-2's and they will literally say "I thought I made more", to which I'm yelling "WHAT THE HECK DO YOU MEAN, YOU THOUGHT" don't you know? I've got guys (it seems to be mainly guys) who say they never look at their paystubs they just hand them over to the wife.

I don't get it. I'm the gal that checks here bank accounts on line probably every other day to make sure the atm transactions went through correctly.

I do wish they'd bring back home economic classes (that's what they were called back in the dark ages)
I know too many people like that too! My DH is one. Last year I had to get his company log-in so I could go online and look up his paystub to see what was going on. He just took a part time job and didn't even talk about what he was going to get paid. You have no idea how much I wish that was a joke or exaggeration.
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